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Veterans Group Life Insurance. Itâs important to consider which life insurance policy is best to ensure your familyâs financial security. When you separate from the military you have the option to convert your SGLI benefit over to VGLI. But, you have a limited time frame after separation to do so â 1 year and 120 days to be exact.
Voluntary term life insurance is a policy that protects a beneficiary and his family for a specified period only. Unlike voluntary whole life insurance, which provides protection throughout a person's life, the protection period for term life is usually 10 or 20 years. Monthly premiums also do not build cash value.